Business Insights
How to Close a Delaware LLC: 3 Steps Formally closing a Delaware LLC requires completing the following steps: Step 1.) Members Vote on Cancellation Before proceeding with closing the business, the existing Members must agree to cancel the LLC. Oftentimes the LLC Operating Agreement will include a provision detailing how Members should come to […]
Asset Protection
What Is a Special Purpose Vehicle? A Special Purpose Vehicle, or “SPV”, is a separate LLC established by a parent company to complete a unique business activity or task. Most companies include broad purpose clauses in their corporate bylaws. These clauses basically say the company can undertake any action as long as it is […]
Taxes
Tax Deductions and Write-Offs for Single-Member LLCs Single-Member LLC owners can find significant cost savings for their business just by digging into the tax code. Here are some less obvious business expense deductions that Single-Member LLCs can claim to significantly lower their costs: Home-Office Deduction – Deduct up to $1,500 if you run your business […]
B Corp
Do you want to make money while also making a difference in the world? The Delaware Public Benefit Corporation (“PBC”) allows companies to do just that. A Public Benefit Corporation is a for-profit business with a stated “public benefit” purpose set out in its incorporation documents. Delaware PBCs benefit both stakeholders and shareholders, and […]
Delaware LLC
What Happens If I Don’t Pay the Delaware Franchise Tax? If a company fails to pay franchise tax, it will eventually lose its good standing status. When an LLC loses good standing status, it also loses its limited liability protections. This exposes members to personal liability they would otherwise not have if they paid […]
Asset Protection
The term “subsidiary” is used often in business, however, you might not know exactly what it means. Subsidiaries are an important part of the legal structure of nearly every large company. In this article, we discuss what subsidiary companies are, how they are used, and the best way to structure them. What Is a […]